Segments (Tables)

12 Months Ended

Dec. 31, 2021

The following is a summary of operating segment balance sheet information for the periods indicated:


	Consolidated Company		Commercial		Consumer Related		Corporate & Other
At December 31, 2021:	(in millions)
Assets:
Cash, cash equivalents, and investment securities	$	8,057.3	$	12.9	$	82.4	$	7,962.0
Loans held for sale	5,635.1		—		5,635.1		—
Loans, net of deferred fees and costs	39,075.4		25,092.4		13,983.0		—
Less: allowance for credit losses	(252.5)		(226.0)		(26.5)		—
Total loans	38,822.9		24,866.4		13,956.5		—
Other assets acquired through foreclosure, net	11.7		11.7		—		—
Goodwill and other intangible assets, net	634.8		294.7		340.1		—
Other assets	2,820.8		253.8		1,278.1		1,288.9
Total assets	$	55,982.6	$	25,439.5	$	21,292.2	$	9,250.9
Liabilities:
Deposits	$	47,612.0	$	30,466.8	$	15,362.9	$	1,782.3
Borrowings and qualifying debt	2,381.1		—		353.2		2,027.9
Other liabilities	1,026.9		233.4		138.2		655.3
Total liabilities	51,020.0		30,700.2		15,854.3		4,465.5
Allocated equity:	4,962.6		2,588.0		1,596.2		778.4
Total liabilities and stockholders' equity	$	55,982.6	$	33,288.2	$	17,450.5	$	5,243.9
Excess funds provided (used)	—		7,848.7		(3,841.7)		(4,007.0)


	Consolidated Company		Commercial		Consumer Related		Corporate
At December 31, 2020:	(in millions)
Assets:
Cash, cash equivalents, and investment securities	$	8,176.5	$	12.0	$	45.6	$	8,118.9
Loans, net of deferred fees and costs	27,053.0		20,245.8		6,798.2		9.0
Less: allowance for loan losses	(278.9)		(263.4)		(15.4)		(0.1)
Total loans	26,774.1		19,982.4		6,782.8		8.9
Other assets acquired through foreclosure, net	1.4		1.4		—		—
Goodwill and other intangible assets, net	298.5		296.1		2.4		—
Other assets	1,210.5		257.0		96.6		856.9
Total assets	$	36,461.0	$	20,548.9	$	6,927.4	$	8,984.7
Liabilities:
Deposits	$	31,930.5	$	21,448.0	$	9,936.8	$	545.7
Borrowings and qualifying debt	553.7		—		—		553.7
Other liabilities	563.3		170.4		3.3		389.6
Total liabilities	33,047.5		21,618.4		9,940.1		1,489.0
Allocated equity:	3,413.5		1,992.2		579.1		842.2
Total liabilities and stockholders' equity	$	36,461.0	$	23,610.6	$	10,519.2	$	2,331.2
Excess funds provided (used)	—		3,061.7		3,591.8		(6,653.5)

The following is a summary of operating segment income statement information for the periods indicated:


	Consolidated Company		Commercial		Consumer Related (1)		Corporate & Other
Year Ended December 31, 2021:	(in millions)
Net interest income	$	1,548.8	$	1,181.7	$	603.4	$	(236.3)
(Recovery of) provision for credit losses	(21.4)		(30.6)		11.0		(1.8)
Net interest income (expense) after provision for credit losses	1,570.2		1,212.3		592.4		(234.5)
Non-interest income	404.2		65.1		317.6		21.5
Non-interest expense	851.4		415.9		413.9		21.6
Income (loss) before income taxes	1,123.0		861.5		496.1		(234.6)
Income tax expense (benefit)	223.8		206.6		120.1		(102.9)
Net income (loss)	$	899.2	$	654.9	$	376.0	$	(131.7)

(1) Includes the financial results of AmeriHome following the acquisition on April 7, 2021, which contributed approximately 40% and 25% to net revenue and net income for the Consumer Related segment, respectively.


	Consolidated Company		Commercial		Consumer Related		Corporate
Year Ended December 31, 2020:	(in millions)
Net interest income	$	1,166.9	$	999.7	$	302.5	$	(135.3)
Provision for (recovery of) credit losses	123.6		128.6		(9.0)		4.0
Net interest income (expense) after provision for credit losses	1,043.3		871.1		311.5		(139.3)
Non-interest income	70.8		50.5		1.6		18.7
Non-interest expense	491.6		308.9		92.6		90.1
Income (loss) before income taxes	622.5		612.7		220.5		(210.7)
Income tax expense (benefit)	115.9		147.6		52.3		(84.0)
Net income (loss)	$	506.6	$	465.1	$	168.2	$	(126.7)


	Consolidated Company		Commercial		Consumer Related		Corporate & Other
Year Ended December 31, 2019:	(in millions)
Net interest income	$	1,040.4	$	837.2	$	209.0	$	(5.8)
Provision for credit losses	19.3		11.1		7.4		0.8
Net interest income (expense) after provision for credit losses	1,021.1		826.1		201.6		(6.6)
Non-interest income	65.1		50.4		1.4		13.3
Non-interest expense	482.0		320.6		96.7		64.7
Income (loss) before income taxes	604.2		555.9		106.3		(58.0)
Income tax expense (benefit)	105.0		134.7		24.8		(54.5)
Net income	$	499.2	$	421.2	$	81.5	$	(3.5)